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Installed Building Products revenue soars by 40% to US$404m in first half of 2016
Written by Global Insulation staff
08 August 2016
US: Installed Building Products’ (IBP) net revenue has risen by 40% year-on-year to US$404m in the first half of 2016 from US$290m in the same period of 2015. Its net income more than doubled to US$15.8m from US$7.7m. The insulation installation company attributed the strong result to growth in the residential building market.
"Our results continue to benefit from strength throughout the homebuilding industry, growth at our existing branch locations and the contribution of our recently acquired businesses,” said Jeff Edwards, chairman and chief executive officer of IBP.
Knauf Insulation to upgrade Queensferry plant
Written by Global Insulation staff
04 August 2016
UK: Knauf Insulation plans to spend Euro5m to upgrade its mineral wool plant in Queensferry in Flintshire, Wales. The investment will deliver thermal and mechanical improvements, along with an increased portfolio of insulation solutions. It will also support the group’s Ecose Technology binder product.
“We are especially pleased to announce this investment at Queensferry, given the uncertainty many other businesses and investors currently face. That uncertainty applies to wider concerns around the impact of Brexit on economic activity, but also to key sectors we service such as the construction industry, UK energy and energy efficiency businesses,” said John Sinfield, Managing Director at Knauf Insulation Northern Europe. “This decision demonstrates that a drive on energy efficiency will deliver greater energy security, increased UK economic competiveness and help address environmental commitments. We would hope that the new government, and especially the new Department for Business, Energy and Industrial Strategy, considers these outcomes when exploring what its new strategy is to be.”
Knauf Insulation acquired sole ownership of its UK business in 2002. It has since invested Euro179m at its UK plants.
Air Products wins contract to supply KCC Corporation in South Korea
Written by Global Insulation staff
02 August 2016
South Korea: Air Products has been awarded a long-term contract by KCC Corporation, a construction material manufacturer, to supply oxygen to the new glass wool production line at its Gimcheon plant. The new production line is scheduled to become operational in 2017.
Air Products will install a Prism vacuum swing adsorption (VSA) oxygen generator at KCC Corporation’s Gimcheon site to supply on-site gaseous oxygen to the furnace for full oxy-fuel combustion, a technique to make glass manufacturing cleaner.
“We have been supplying different offerings to KCC Corporation, including at the Gimcheon site, and are honoured to have won their continued confidence,” said Kyo-Yung Kim, president of Air Products Korea.
Air Products supplies integrated solutions to the global glass industry, from gas supply to combustion systems, technology, customised control systems, technical and design expertise, commissioning service, safety and site training, maintenance contracts and project management. The company also specialises in oxy-fuel combustion technology.
Saint-Gobain sales fall slightly to Euro19.6bn in first half of 2016
Written by Global Gypsum staff
29 July 2016
France: Saint-Gobain’s sales revenue has fallen by 1.6% year-on-year to Euro19.6bn in the first half of 2016 from Euro19.9bn in the same period of 2015. Its earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 3.8% to Euro1.89bn from Euro1.96bn. The group blamed the loss in sales revenue on negative currency changes, especially in Latin American, and to a lesser extent, in the UK following its decision to leave the European Union. Saint-Gobain’s Interior Solutions division, which includes gypsum wallboard and insulation production, reported a 3.1% rise in sales revenue to Euro3.3bn from Euro3.2bn.
“Saint-Gobain’s sales for first-half 2016 confirm our February forecasts, with France stabilising and all regions making strong contribution to growth. Our strategy of investing in emerging markets provides us with a diversified platform for profitable growth. Our first-half results also benefited from efforts to optimise our operations, particularly in Western Europe, and from upbeat trading in the US. The results are in line with our objectives and we expect alike-for-like improvement in operating income for second-half 2016 versus second-half 2015. While the 23 June 2016 Brexit vote in the UK has created a climate of uncertainty, it does not affect our objectives,” said Pierre-André de Chalendar, Chairman and Chief Executive Officer of Saint-Gobain.
Owens Corning sales revenue rises by 7% to US$2.78bn in first half of 2016
Written by Global Insulation staff
28 July 2016
US: Owens Corning’s sales revenue has risen by 7% year-on-year to US$2.78bn in the first half of 2016 from US$2.61bn in the same period in 2016. Its net earnings rose by 78% to US$198m from US$111m. However, sales revenue for its insulation business fell by 4% to US$799m from US$830m. No reason for the decline in insulation revenue was given, but the company expects slightly negative revenue growth and relatively flat margins to continue for the full year.